Regulatory Alerts2026-04-01 | BPRD Circular No. 01Added · Updated
Teenager Account / Wallet
The State Bank of Pakistan introduces a framework allowing resident Pakistani teenagers aged 13 to 18 to open and operate savings accounts or wallets in local currency (PKR) through banks, microfinance banks, and electronic money institutions. These accounts must be opened instantly or within two working days via in-person or remote digital channels, requiring biometric or alternate ID verification, parent or guardian indemnity, and compliance with AML/CFT/CPF regulations. The accounts are bundled with debit cards and digital banking access but exclude cheque books, credit facilities, and overdrafts, and must be converted to regular accounts upon the holder reaching the age of majority.
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